中国钢铁行业脱碳融资 转型金融试点和市场进展

The report examines the application of transition finance tools—including loans and bonds—to support the decarbonisation of China's steel sector, highlighting the role of regional guidelines in Hebei Province. It identifies a significant funding gap, estimating a need for $18 billion in capital expenditure over the next five years for electric arc furnace (EAF) and hydrogen-based direct reduced iron (H2-DRI) technologies. While large state-owned enterprises are leading the transition, the report notes that high costs of green steel and limited scrap steel supply remain major barriers.

• The introduction of the Hebei Province Transition Finance Guidelines for the Iron and Steel Industry (2023-2024 Edition) in December 2023 has led to a rapid market response. By the end of 2024, transition loans for the steel industry in Hebei Province exceeded 20 billion RMB, and 12 steel-related labeled bonds were issued nationwide with a total scale of $3 billion (approximately 22.05 billion RMB).
• There is a significant disparity in decarbonisation progress and financing access between large state-owned enterprises and smaller firms. Large firms like Baowu and HBIS are more advanced in action and can access low-cost bank loans, while smaller firms face larger financing gaps and are more vulnerable to declining demand and rising carbon costs.

APA

徐小云, 谢文泓, 金冀安, 金子曦, Muldoon, C., 左凌玥, Jackson, A., & Huleatt, L. (2025). 中国钢铁行业脱碳融资 转型金融试点和市场进展. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/CBI-Financing-the-Decarbonisation-of-China%E2%80%99s-Steel-Sector_CN.pdf

Chicago

徐小云, 谢文泓, 金冀安, 金子曦, Clodagh Muldoon, 左凌玥, Alastair Jackson, and Lauren Huleatt. 中国钢铁行业脱碳融资 转型金融试点和市场进展. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/CBI-Financing-the-Decarbonisation-of-China%E2%80%99s-Steel-Sector_CN.pdf.

Wikipedia

{{cite report |last1=徐小云 |last2=谢文泓 |last3=金冀安 |last4=金子曦 |last5=Muldoon |first5=Clodagh |last6=左凌玥 |last7=Jackson |first7=Alastair |last8=Huleatt |first8=Lauren |title=中国钢铁行业脱碳融资 转型金融试点和市场进展 |publisher=Climate Bonds Initiative |date=May 2025 |url=https://www.climatebonds.net/files/documents/publications/CBI-Financing-the-Decarbonisation-of-China%E2%80%99s-Steel-Sector_CN.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{2025, author = {徐小云 and 谢文泓 and 金冀安 and 金子曦 and Muldoon, Clodagh and 左凌玥 and Jackson, Alastair and Huleatt, Lauren}, title = {{中国钢铁行业脱碳融资 转型金融试点和市场进展}}, institution = {Climate Bonds Initiative}, year = {2025}, month = may, url = {https://www.climatebonds.net/files/documents/publications/CBI-Financing-the-Decarbonisation-of-China%E2%80%99s-Steel-Sector_CN.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }